Wednesday, January 25, 2012

RCG Holdings

Ah, good old RCG Holdings, where the intrigue never dies. There's a nice write-up on TMF which explains much of it:

Over the year they've announced the departure of the CEO then the CFO and more recently the COO. They are changing strategy from selling techie equipment to 'offering solutions, projects and services'. As a result they have written off vast amounts of stock and good will. The new strategy hasn't been that successful due to delays in projects.
 A major shareholder in RCG, Ms. Nina Kung, a very wealthy HK celebrity, died and her boyfriend Fung Shui Master Tony Chan claimed that he inherited her RCG shares. A major court case was initiated. Later in early 2010 Tony Chan was arrested in the wake of a High Court judge's ruling that a will giving him Nina Wang's HK$100 billion estate was a forgery. The judge described Chan as a liar and a scheming sycophant lacking in credibility. Round about the same time the RCG offices were raided by the HK Police but no further action was taken

In the last few days the company, just to remind you, an international provider of biometric and RFID products and solution services with a primary focus in the Asia Pacific markets, acquired a mining and exploration company called SPAG. Just don't ask !!.
 Groovy stuff. I wouldn't touch it with a bargepole, of course.

1 comment:

alternative investments said...

Hilarious overview. I don't think I'd want to own shares in this sucker if someone gave them to me for free!